Changes at MakeMyTrip: Rajesh Magow, co-founder and MakeMyTrip’s chief financial and operating officer has been appointed as MakeMyTrip’s Chief Executive Officer-India, responsible for the company’s India business.
MakeMyTrip founder Deep Kalra will however continue as MakeMyTrip’s chairman and Group CEO and will be responsible for the group’s strategic developments. Kalra added that this appointment will enable him to focus on MakeMyTrip’s international business along with its strategy and M&A.
Magow had joined MakeMyTrip as co-founder and CFO in 2005 and more recently, he had assumed additional responsibilities as COO. Prior to this, he was serving as the CFO and acting CEO for the Indian operations of eBookers.com, an online travel agency, part of Travelport. He’s also had a five year stint with Aptech Limited and has a total 21 years of corporate financial and operating experience in the information technology and Internet businesses.
Mohit Kabra is new CFO: Mohit Kabra has been promoted as the company’s new CFO. Kabra was previously serving as MakeMyTrip’s Senior Vice President of Finance, Administration and Legal and had joined the company in 2011. He had apparently worked with Magow to manage MakeMyTrip’s financial planning, management and legal administration and has 19 years of corporate finance leadership experience. His previous stints include Kohler India, PepsiCo India and Seagram and Colgate Palmolive
These appointments come at a time when MakeMyTrip is witnessing a continuous decline in its air ticketing revenue, while its hotel and packages revenue is growing significantly and now contributes to 41.75% of the company’s revenues. Yesterday, MakeMyTrip reported a net loss of $9.1 million for the quarter ending June 30, 2013, down from $1.81 million profit reported in the corresponding quarter last year. This was the company’s third consecutive loss making quarter.